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SGX Nifty Down 98 Points | Adani Group Considering Private Bond Offering | Why IT Stocks are Rising | Top Buzzing Stocks Today
Fri, 17 Feb Pre-Open

On Thursday, Indian share markets pared gains during closing hours and ended flat.

Benchmark indices remained in the green for most of the day but gave up all the gains in the final hour to close in the flat territory.

At the closing bell on Friday, the BSE Sensex stood higher by 44 points (up 0.1%).

Meanwhile, the NSE Nifty closed flat at 18,016 levels.

ONGC, Tech Mahindra, and Apollo Hospital were among the top gainers.

BPCL, HDFC Life Insurance, and Bajaj Finance on the other hand, were among the top losers.

Broader markets ended on a positive note on Thursday. The BSE Midcap index and the BSE SmallCap index ended 0.9% higher.

Sectoral indices ended on a mixed note with stocks in the IT sector, realty sector, and metal sector witnessing most of the buying.

On the other hand, stocks from the banking sector, and finance sector witnessed selling pressure.

Shares of Supreme Industries, Cummins India, and Sonata Software hit their 52-week high.

To get the latest news and which stocks will move the market, check out the stocks to watch today section on our website.

The rupee was trading at 82.73 against the US$.

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Gold prices for the latest contract on MCX were trading flat at Rs 56,126 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the SGX Nifty was trading down by 98 points or 0.6% lower at 17,970 levels.

Indian share markets are headed for a weak opening today following the trend on SGX Nifty.

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Top buzzing stocks today

Nestle India share price will be in focus today.

Yesterday, Nestle India declared its quarterly results. Maggi and KitKat maker Nestle India posted a 13.8% YoY rise in revenue to Rs 42.6 billion (bn).

It reported a 62% YoY rise in net profit to Rs 6.3 bn. This is the highest double-digit growth in the decade recorded by the company.

Along with the December 2022 quarter result, Nestle India's board has declared a final dividend of Rs 75 per equity share of Rs 10 each for 2022.

Hindustan Aeronautics (HAL) share price will also be a top buzzing stock.

HAL entered into a contract with Argentinian Air Force. The contract with the Argentinian Air Force is for the supply of spares and engine repair of legacy two-tonne class helicopters.

HAL is the largest defence public sector undertaking (PSU) in India. It is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of aerospace products including aircraft, helicopters, aero-engines, avionics, accessories, and aerospace structures.

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Adani to issue privately placed bonds

Reportedly, Indian conglomerate Adani Group is in talks with potential investors as it considers offering privately placed bonds for at least three of its group companies.

If it moved ahead with any offering and was able to secure investors, it could be the first debt issuance for Adani since short seller Hindenburg Research alleged fraud and stock manipulation last month, claims that the group has vigorously disputed.

The plan under consideration, initially broached late last year, is trying to raise a total of as much as US $ 1.5 billion (bn) (about Rs 124.1 bn) through note sales by Adani Green Energy, Adani Transmission and Adani Ports & Special Economic Zone.

Further the sources also said that the firms will consider offering bonds with tenors up to 20 years, with the first potential deal targeted for April-May.

Why Tanla Platforms share price is rising

Shares of Tanla Platform surged yesterday amid higher trading volumes.

Earlier, Tanla Platforms had announced the forthcoming launch of a first-of-its-kind global anti-phishing platform, called Wisely ATP, designed to safeguard citizens, trusted brands, and the digital economy.

The platform will be unveiled at the Mobile World Congress in Barcelona on 27 February. According to Tanla, the rise in mobile penetration in India has resulted in SMS phishing scams becoming one of the most prevalent forms of cybercrime, with over 120 m scams reported annually, leading to losses of approximately US $16 bn (or Rs. 1300 bn).

The Telecom Regulatory Authority of India has already granted approval for the establishment of a regulatory sandbox for the Wisely platform.

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Relief for oil companies

On Thursday, the government cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. The additional excise duty on aviation turbine fuel (ATF) was also cut to Rs 1.5 per litre from Rs 6 per litre earlier.

Windfall tax is levied by Centre on profits made by oil producers on any price they get above the rate of US $ 75 per barrel.

Cess has been reduced to approximately US $ 7.4/barrel from 16 February in the fifteenth review of windfall taxes. This will reduce cess of domestic oil production companies.

Following the news, shares of ONGC rallied% to Rs 153.25 amid heavy volumes. Shares of Oil India were up 3% at Rs 256.

IT stocks rally

The Nifty IT index has been soaring over the past three trading sessions. It gained 1% on 14 February, about 1.1% on 15 February and 1.7% on 16 February, with all stocks fuelling the benchmark index higher.

The S&P BSE IT Index has also rallied in tandem, gaining over 3% in the past three sessions.

Tech Mahindra and Tata Consultancy Services have been the top gainers among the large-caps, while stock-specific developments propelled the share prices of smaller companies Nucleus Software and Tanla Platforms higher.

A set of in-line quarterly results, moderate deal wins, and 'buy on dips' seem to be aiding the sector. The Nifty IT index, which was among the worst sectoral performers in 2022, is up over 7% for the year, while the benchmark Nifty 50 is down 1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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